PHOTO: Hometime co-founder William Crock

Sydney-based Airbnb property management services company Hometime has landed a $6 million debt and equity funding deal with Australian technology venture capital firm OneVentures.

It’s the first deal from the new $100 million OneVentures Fund, launched less than 12 months ago. The fund is a partnership between OneVentures and Viola, the technology-focused Israeli venture credit fund.

It’s also one of the first major venture debt deals to land in Australia. While common in the US and Europe, venture debt is new to the local startup market.

Hometime co-founder William Crock, who launched the business with Dave Thompson in 2016 with the promise that it lets hosts “put their Airbnb properties on autopilot”, said the cash injection will fund continued expansion in Australia and New Zealand, following 2018’s 450 per cent growth, and debt was the right option for the duo.

“We believe that venture debt is an appropriate structure for a company such as ours, that is generating substantial revenue but needs additional working and acquisition capital in order to execute our aggressive growth plans,” Crock said.